Penn Ends $2 Billion ESPN Bet Partnership After Two Years
Penn Entertainment will rebrand its sportsbook to theScore Bet and take an $825 million write-down loss. The ESPN Bet brand will disappear within weeks as the partnership between Penn Entertainment and ESPN ends on December 1, shortly before the NFL regular season concludes.
Rebranding and Background
After December 1, the ESPN Bet app will be renamed theScore Bet, adopting the name of the Canadian sportsbook Penn acquired in 2021. The collaboration between Penn and ESPN began in 2023, with Penn agreeing to pay $150 million annually for 10 years, plus stock warrants, valuing the deal at $2 billion for the rights to use ESPN branding.
Market Performance and Termination
ESPN Bet failed to capture significant market share. In August, it held only 2.6% of the online sports betting market and has maintained a similar level since mid-2024, according to Casino Reports’ database. The agreement allowed termination after the third year if market share targets were missed, but the partnership ended earlier than expected.
“When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space,” said Penn CEO Jay Snowden.
Author's summary: Penn Entertainment abruptly ends its costly ESPN Bet deal after failing to capture expected market share, shifting focus to itsScore Bet brand.